This paper addresses the topic of the regeneration of historic villages and small towns. It is part of an ongoing research project questioning if and how cultural heritage can be a trigger for civic wealth creation. Building on the previous literature on urban regeneration, we deem that in such contexts the mobilisation of cultural resources could be pivotal for the development of a ‘culture-based economy’. Meanwhile, putting the community at the centre is fundamental to maintaining the vibrancy of a local area and implementing regeneration projects based on CH. We deem a promising solution for historic towns’ resilience and development is to activate processes of CWC, i.e., the creation of social, economic and communal endowments that benefit local communities and allow these communities to be self-sufficient, therefore, generating positive societal change and sustainable impact. In an attempt to question if and how CH can be a trigger for Civic Wealth Creation in small historical towns, our paper contributes to contextualising the CWC framework proposed by Lumpkin and Bacq in 2019 by identifying other key stakeholder categories and providing evidence and rationale for their inclusions.